Federal Reserve Board – The Federal Reserve Board announces enforcement actions against American Express Company to address, among other things, the company’s failure to sufficiently detect and report certain suspicious activities related to money laundering

The Federal Reserve announced enforcement action against American Express on Thursday to address, among other things, the company’s failure to sufficiently detect and report certain suspicious money laundering activities.

The Council also identified significant deficiencies in the manner in which American Express Company’s anti-money laundering program was implemented company-wide, particularly at the company’s national bank subsidiary. The Office of the Comptroller of the Currency, the main federal regulator of the National Enterprise Bank, has launched a separate enforcement action against the bank.

The Board’s action will help ensure that the Company operates in compliance with all U.S. laws and regulations.

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